Yes, that will work as drawn, provided the switch is rated at sufficient volts/amps for the pump. Also, provided you don't connect anything to the other terminal on the relay, because the button connects all three terminals together when the relay is in the released position.
Would @Dougie's suggestion work? I'm concerned about forcing an active Arduino output to the opposite level. I don't see how a 10k resistor could pull down an active high output from the Arduino. If you make the resistor low enough to pull the logic level down, won't you risk damaging the I/O port?